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Instruction: What strategy would you recommend for a company looking to target a new market?

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One important strategy to consider is to understand the needs and preferences of the target market. Companies should research the differences between the current and target markets to understand their customer profiles and preferences. They should also identify and assess the competitive landscape to understand the competitive advantage they can offer. Companies should also identify and use appropriate methods to reach the target market, such as advertising, marketing and communication methods to effectively communicate their message. Additionally, companies should plan to conduct market tests to understand how people respond to their product and service offerings.